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Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on activities at its 100%-owned Parkes Project, located 15 kilometres to the southeast of the Northparkes Copper-Gold Mine (Evolution/Sumitomo) (Figure 2).
- Reconnaissance mapping and sampling has recently recommenced over the Black Ridge copper trend on Magmatic’s 100%-owned Parkes Project
- The prospect is located 15 kilometres southeast of the Northparkes Copper Mine and comprises surface copper-gold-silver anomalism in a zone extending over six kilometres parallel to the Parkes Thrust
- The Black Ridge trend includes multiple small-scale historic workings with outcropping copper mineralisation coincident with a large-scale copper-in-soil anomaly defined by portable XRF sampling
- Strong results have been returned from recent rock chip sampling along the trend, including up to 6.5% copper from minor unnamed workings at the southern end of the trend (see Figure 1)
- The trend is almost entirely untested beyond the surface expression, with previous drilling comprising only three closely spaced RC holes at a single location
- Further work at the prospect will include mapping, soil sampling and rock chip sampling, with a 23 line- kilometre induced polarisation (IP) survey commencing in August to identify priority drill targets
- The Company is well placed to accelerate exploration efforts at Parkes with its Myall Project to the north now fully funded through the Fortescue JV and $6.34M cash at hand at the end of the last quarter
Figure 1. Sample PER015, recently collected near shallow unnamed workings at the southern end of the Black Ridge copper trend during reconnaissance mapping. The sample contains secondary copper carbonates (blue and green) in a fractured limestone host, with assays for the sample returning 6.5% Cu, 0.16g/t Au & 16g/t.
Commenting on the work underway over the Black Ridge trend, Magmatic Resources’ Managing Director Dr. Adam McKinnon said:
“I am very pleased to see on-ground exploration work recommencing at our 100%-owned Parkes Project. The Black Ridge prospect is one of the many targets at Parkes that has the potential to develop into a major new discovery. Located only 15 kilometres southeast of the Northparkes Mine, in rocks that are clearly fertile, I’m actually a little surprised how under-explored the region has been.”
“Black Ridge combines kilometre-scale copper-in-soil anomalism, fantastic results from recent rock chip sampling and historic workings with outcropping mineralisation. With further work at the prospect to include a major IP geophysical survey, I am excited to see what the area may produce.”
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Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
